AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing4 verified
- secured creditorsnote: WWMN is related to WGIL/Walton group but is an investment vehicle for third-party retail investor debt financing; joint and several liability exists with WWE/WUSF/WMD for their proportionate share (approx. $26,731,326 as at Sept 30, 2024, per Q3 financials) · page: 13 · as of: 2024-12-31 · amount: 52791511 · debtor: Walton Westphalia Development (USA), LLC (US Subsidiary) · creditor: WWMN, LLC · currency: CAD · security: First priority lien on the Property; loan pursuant to the 'New Loan Program' originally entered July 13, 2018, most recently amended/extended August 27, 2024
- secured creditorsnote: WTCF is related to WGIL/Walton group but is an investment vehicle for third-party retail investor debt financing; second in priority per intercreditor agreement · page: 13 · as of: 2024-12-31 · amount: 12609568 · debtor: Walton Westphalia Development (USA), LLC (US Subsidiary) · creditor: WTCF, LLC · currency: CAD · security: Second priority lien on the Property; loan agreement dated March 22, 2023 (WTCF Loan), extension exercised Nov 19, 2024 to Dec 31, 2025
- secured creditorsnote: Third-party lender created under a federal EB-5-type program (Maryland Center for Foreign Investment) to facilitate foreign investment · page: 13 · as of: 2024-12-31 · amount: 7906015 · debtor: Walton Westphalia Development (USA), LLC (US Subsidiary) · creditor: MCFI Global Fund Westphalia, LLC · currency: CAD · security: Third priority lien on the Property; Project debt loan agreement
- financial positionnote: WDC's Affidavit (p.11-12) separately states WDC's own (non-consolidated) total assets of $47,635,592 as at Dec 31, 2023, comprised primarily of its shareholding in the US Subsidiary and accounts receivable; total liabilities were not stated on that non-consolidated basis, only the amounts due to WGIL/WAM ($6,782,365). · page: 86 · as at: 2023-12-31 · basis: Audited Consolidated Financial Statements (IFRS) · scope: Consolidated - Westphalia Dev. Corp. and its wholly-owned US Subsidiary (Walton Westphalia Development (USA), LLC) · currency: CAD · total assets: 56869748 · total liabilities: 82034995